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How Do I Get Started In Investment Real Estate?
The first step is to determine what you are trying to accomplish. Wholesaling real estate does not require any significant up front capital, fix and flipping however will require you have excess capital to invest with. How much can you afford to spend on your first property? You should have, at least, a minimum of $30,000 to make a responsible real estate investment, along with authentic sources of financing that ensure your closing capability for any properties put under contract.
Many people think that to get started in real estate investing they need to attend a bunch of seminars to gain some sort of expensive and secretive education. This is not the case. The knowledge gained through personal experience, coupled with expert assistance from us here at White Oak Real Estate Group could prove more valuable than any education received at any seminar.
What Is A Distressed Property?
A distressed property is a home that is typically sold under fair market value. There can be a myriad of reasons why this may happen, whether it be some type of property distress, personal distress, or market distress. In either case, most distressed properties are in need of some type of repair, but also may need to be sold fast due to individual situations such as s foreclosure, or a divorce, which inevitably warrants selling for a discount.
Traditional financing is typically a bad fit for distressed sales due to the speed at which the seller is interested in selling and the condition of the property.
How Do I Know A Good Deal When I See One?
Being able to tell whether or not buying a particular wholesale property is a god "deal" or not is something that you have to be able to judge for yourself, but this is where we can be of great assistance to you.
Our experts run a comprehensive analysis on every potential investment property to ensure any deal you may bring to us is in fact a deal worth joint venturing on.
Before buying a property, it's critical that you do your own, independent research in addition to the information we provide you in the packet. It is recommended that you base your decision on the information you gather from multiple sources and do not limit yourself to the information provided by White Oak Real Estate Group. Access to your own comparable sales information from a local MLS provider is critical and can be obtained either directly or from a real estate agent contact. We believe that all investors should follow their own good judgement based on their knowledge and experience with the real estate market.
How Do I Evaluate An Investment Property?
There are five simple steps to evaluating a property. Make sure you know what investment strategy you are going to use before you start.
1. Determine the rehab cost.
2. Determine the ARV based on comps.
3. Determine if the property will meet your investing goals (buy/fix/sell,buy/fix/rent, or your own, unique investment strategy).
4. Determine expected days on the market based on comps and market conditions.
5. Evaluate the potential risk. Are there any unusual circumstances that may prevent the sale of this house for its estimated worth, or renting it quickly at the appropriate price? Once you have all this information, you can make an informed decision regarding whether or not to purchase the property.